The Top Three 30-Year Mortgage Lenders of 2020

ByTop10.com StaffAug. 05, 2020

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30-Year Fixed Rate Mortgage
Shopping for a mortgage can be stressful. It’s hard to wrap your head around the various loan types, terms and lenders. It’s time to get down to basics - starting with the loan term. Lots of homebuyers opt for a 30-year fixed mortgage, which allows you to pay back your loan over the course of 30 years at a stable interest rate. Explore the top 30-year mortgage lenders and find your perfect fit.

30-year fixed mortgages come in many shapes and sizes: conforming mortgages, government-backed, jumbo loans and more! Keep in mind that because the loan term is twice as long as a 15-year mortgage, you can expect to pay much less month-to-month. 

Compare our Top Lenders for 30-Year Mortgages

Lender Required Credit Score Visit Site Free Call
Quicken Loans

No minimum

View Rates 855-848-7878
Better.com

620+

View Rates
AmeriSave 620 for most loans View Rates 866-814-0319

The Pros and Cons of a 30-Year Fixed Rate Mortgage

Because 30-year fixed rate mortgages come with lower monthly payments, they are the most popular mortgages in the United States. As with all loans, however, there are pros and cons. 

Pros Cons
Lower monthly payment Higher interest rates
Less monthly budget stress Takes longer to build equity
Makes expensive property more affordable Overall more expensive
May qualify for a mortgage interest reduction  
Easier to qualify  

30-Year Mortgage Rate Fluctuation

Interest rates fluctuate daily, so your quotes might change from day to day and certainly will from year to year. Usually, fluctuation is minimal, but when dealing with hundreds of thousands of dollars, even .01% can be significant. 

Besides daily fluctuation, your rate will also depend on the type of loan you take. In the table below, you can see the rates as of April 30, 2020 for different types of 30-year mortgages. Other factors that affect your rates are your credit score, cost of the house, and your down payment.

Loan Rate 1-Week Interest Rate Change 1-Week APR Change

Conventional 30-Year Fixed Rate

4.625%

-.05% to .05%

-.05% to .05%

30-Year Fixed Rate FHA

4.5%

-.05% to .07%

-.05% to .07%

30-Year Fixed Rate VA 

4.625%

-.05% to .07%

-.05% to .07%

30 Year Fixed Rate Jumbo

4.750%

-.03% to .06%

-.03% to -.06%

When Is a 30-Year Mortgage Best for You?

If you’re debating as to whether a 30-year mortgage or 15-year mortgage is best for you, here are some things to consider:

  • Monthly payment amount: Monthly payments for 30-year mortgages are significantly lower than those of 15-year mortgages—would you be able to afford a higher monthly payment? If not, a 30-year mortgage is better for you.
  • Cost of your house: A 30-year mortgage usually makes it more financially feasible to buy a more expensive house, since the payment is spread out over such a long time period. To pay off a very expensive house ($400,000) with a 15-year mortgage means you need to be earning a high yearly income.
  • Interest rates: 15-year mortgages come with lower interest rates, which means you can save money in the long run. However, you have to go back to the first bullet and ask yourself, even if I’d like to save money through a lower interest rate, can I actually afford higher monthly payments?
  • Your income: Will you have a steady income until you retire? If yes, a 15-year loan is a good option. However, if you’re not sure whether your income will remain steady, a 30-year loan might be a better option, since the monthly payments are smaller and you have a better chance at paying them even if you’re in between jobs.

Our Top Lenders for 30-Year Mortgages

1. Quicken Loans 

Quicken Loans

Minimum down payment: 5%

Quicken Loans offers a quick application process and fast pre-approval for potential borrowers. Rates are updated daily, and there are a lot of loan options available. If you’re looking for a jumbo 30-year mortgage loan, Quicken can lend up to $3 million to qualified customers.

  • Online home buyers guide
  • Email and text rate updates
  • Fast online application

Best for: Tech-friendly borrowers

Standout feature:  Low rates and online customer service

Call Quicken Loans 8558487878

Quicken Loans Quicken Loans View Rates

2. Better Mortgage

Better.com

Minimum down payment: Varies per customer

If you’re looking for a 30-year mortgage, there are few options out there that can match the ease and convenience of Better mortgage

The company is an all-digital platform that looks at your goals and means in order to develop a personalized loan for you. And all of the rates offered by Better are backed up by the Better Price Guarantee, which promises that the company will beat any competing price, and even beat it by $1,000. 

 There are no origination or lender fees and no commission. That said, there are prepayment penalties. Better allows you to lock in your rate and connects you with a single loan officer once you've finished the pre-approval process. 

  • No origination or lender fees 

  • Many different fixed and variable rate loans 

  • Fast approval process

Best for: Simple, online mortgage

Standout feature: Instant loan estimates

 

View Rates

3.  AmeriSave Mortgage

AmeriSave

Minimum down payment: 10%

AmeriSave Mortgage Corporation is a full-service mortgage lender operating in 49 states and DC. Established in Atlanta in 2002, it has funded 220,000+ homes for a total value of more than $55 billion. AmeriSave is known for offering streamlined online applications with the option of contacting customer support any time you need assistance.

  • Apply and submit forms directly online
  • No SSN needed to get pre-approved rates
  • Wide range of loan options
  • AmeriSave Mortgage AmeriSave Mortgage View Rates

    How to Apply for a 30-Year Mortgage?

    When applying for a 30-year mortgage from any of the above companies, you’ll find that though the process can seem nerve-wracking, it’s actually pretty straightforward. If you’re serious about getting a mortgage, most of these sites offer quotes and possible pre-qualification in a matter of minutes, so all you need to be prepared to do is enter the following information:

    • Name, date of birth
    • Address, phone number, email address
    • Location of house you want to buy, cost, how much down payment you can put down
    • Credit score

    Once you pre-qualify, you’ll then be asked to submit or upload further documents:

    • Proof of income
    • Proof of assets
    • Cosigner if necessary
    • Disclosure of debts
    • Various tax paperwork

    While some applications can be completed online, you can always speak to a loan officer from the online lender for help and guidance.

    Bottom Line

    30-year mortgages are the most popular type of home loan in the United States, and for good reason. These mortgages can be paid back over the course of 30 years and they make home purchase possible for people who aren’t earning 6 digits. Because the loan term is quite long, you’ll have a significantly lower monthly payment than you would have with a 15-year loan. The downside is that interest rates and APR are typically higher than 15-year loans, but many people are willing to take it on because they can’t afford huge monthly payments.